OrderPaperToday – Premium Times, Nigeria’s foremost online newspaper and VOTAC (Voices of the African Continent), United States Digital Media company, have entered into an alliance to cover news on African Capital Markets.
The alliance is to aid innovation, foreign direct investment, and economic mobility in Africa, a statement released on Wednesday said.
The partners acknowledged that there are 29 stock exchanges representing 54 countries (markets) in Africa; a $2.5 trillion nominal continental GDP (2019 estimates); and economic growth stabilized at 3.4 percent in 2019 and expected to hit 3.9 percent in 2020 and 4.1 percent in 2021 (AfDB, 2020).
They also noted that “for more than a century, Foreign Direct Investment (FDI) in Africa was almost exclusively focused on the extraction and export of natural resources.
“But since the turn of the millennium, the momentum has shifted. In the past few years, the trend has finally flipped. Global investors now come to Africa for the promise of its people than for its physical properties.
“Petroleum and mining now count for a minority of long-term capital inflows, with more investors focused on technology, telecommunications, retailing and services.
“The extractive industries have accounted for more than half of FDI just once in the past seven years. Africa’s labor force is projected to be nearly 40 percent larger by 2030. Africa’s infrastructure financing needs are estimated to be $130–$170 billion a year (EY, 2020).”
Based on the above, the proposed coverage will offer subject matter experts, industry and market analysts, commentators, investigative and financial news journalists with in-depth knowledge of Africa, guided by professional disciples.
The statement explains that the coverage will also be carried on U.S. cable networks “reaching 33 million television households; and will be available on local television channels in these U.S. media markets: Atlanta, Chicago, Dallas, Houston, Philadelphia, Los Angeles, and New York Tri-State Area (New York, New Jersey and Connecticut.).
“The program will ensure transparency in market activities and data and ensure the broadcast standards that consumers of financial news are accustomed to are maintained.”
Dapo Olorunyomi, Publisher, Premium Times speaking on the partnership said: “We are proud of our partnership with VOTAC. The African diaspora is going to play a critical role in Africa’s civil and economic transformation. Already, Nigeria’s diaspora remittances are the nation’s second largest source of foreign exchange.
“In addition to their resources, the diaspora brings their energy, experience, and networks, which combined with the local know how of domestic institutions is certain to create value on the continent. We already see these positive synergies in our partnership with VOTAC and its proprietor, Abraham Tuyo.”
Abraham O. Tuyo, Founder & Interim CEO, VOTAC on his part also said: “In Premium Times we have a partner with deep roots and history in investigative journalistic excellence. We believe Africa and Africans need to take charge of news reporting economic activities on the continent; Global readership of Premium Times is proof that Africa and Africans produce news stories on par with the rest of the world.”
Read the original article HERE